{"schema_version":"secwatch.filing_event.v1","accession":"0001840776-23-000126","form_type":"8-K","ticker":"HGTY","cik":"0001840776","company_name":"Hagerty, Inc.","filed_at":"2023-06-23T23:59:59+00:00","discovered_at":"2026-05-14T18:03:41.079701+00:00","generated_at":"2026-06-13T18:24:29.109180+00:00","sec_items":["1.01","3.02","3.03","5.03","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Hagerty raises $105M via convertible preferred equity and debt from State Farm, Markel, Hagerty family","bullets":["Closed $80M Series A Convertible Preferred Stock at $9.43/share (8.48M shares) to accredited investors State Farm, Markel Group, and Hagerty family trusts.","Secured $25M unsecured term loan commitment from State Farm for Hagerty Reinsurance Limited, subject to Bermuda Monetary Authority approval.","Proceeds to support profitable growth: expand risk appetite, enhance core insurance product, and invest in technology for efficiencies.","Series A preferred pays 7% cumulative dividend (cash or PIK), converts at $11.79/share, with redemption triggers at 120% to 100% of purchase price over 10 years.","Both State Farm and Markel are existing >5% stockholders; State Farm plans to launch commercial relationship with Hagerty."],"urls":{"canonical":"https://secwatch.observer/filing/0001840776-23-000126","json":"https://secwatch.observer/filing/0001840776-23-000126.json","markdown":"https://secwatch.observer/filing/0001840776-23-000126.md","text":"https://secwatch.observer/filing/0001840776-23-000126.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1840776/000184077623000126/0001840776-23-000126-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1840776/000184077623000126/hgty-20230623.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T18:24:29.109180+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"1a43d9c469ff9c9f07a3d199f96fe7ea4a17a690","claim":"Hagerty, Inc. entered into Securities Purchase Agreement with certain accredited investors valued at $80.0 million (effective 2023-06-23).","evidence_excerpt":"On June 23, 2023, Hagerty, Inc., a Delaware corporation (the “ Company ”), entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with certain accredited investors (the “ Investors ”), pursuant to which it agreed to issue and sell to the Investors an aggregate of 8,483,561 shares of the Company’s newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share (the “ Series A Preferred Stock ”), for an aggregate purchase price of $80.0 million, at a per-share purchase price of $9.43 (the “ Series A Purchase Price ” and the transaction, the “ Private Placement ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840776/000184077623000126/0001840776-23-000126-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"certain accredited investors"},{"label":"Value","value":"$80.0 million"},{"label":"Effective","value":"2023-06-23"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}